Principal Solar Sharpens Strategic Focus

Rhea-AI Summary

Principal Solar (PSWW) announced a strategic divestiture of its investment in IntelliMedia/Apollo Green, converting it into a note with capital return and interest. This decision aligns with the company's goal to enhance stakeholder value and will facilitate the acquisition of logistics assets and advance its partnership with IPLTech Electric in the heavy electric vehicle sector. Additionally, the company is exploring partnership opportunities in well-side cryptocurrency mining, utilizing low-cost electricity from its natural gas holdings. Further transaction details will be disclosed later.

Positive

• Strategic divestiture of IntelliMedia investment will provide capital for logistics and energy projects.
• Exploring low-cost cryptocurrency mining using natural gas holdings may reduce operational costs significantly.

Negative

• None.

Principal to Divest Certain Holdings; Anticipates Reallocation of Resources into Its Natural Gas and Heavy Electric Vehicle Projects

DALLAS, TEXAS, Dec. 28, 2021 (GLOBE NEWSWIRE) -- Principal Solar, Inc. (OTC Pink: PSWW) (“Principal” or “the Company”), a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an investor in undervalued petroleum-producing properties, today announced that it has reached an agreement with IntelliMedia/Apollo Green (“IntelliMedia”) to convert its investment into a note with a return of capital and interest payable. The anticipated influx of capital resulting from this divestiture is expected to be utilized to further the Company’s mission of acquiring logistics assets and to advance its existing development agreement with heavy electric vehicle partner IPLTech Electric (“IPLT”).

“After careful consideration, in keeping with our stated goal of leveraging environmentally responsible opportunities while maximizing stakeholder value, we have made the strategic decision to convert our investment in IntelliMedia,” said K. Bryce “Rick” Toussaint, CPA, MBA, Principal’s Chairman and CEO. “We believe that this move is in the best interests of all parties involved and stands to enhance Principal’s overall success potential.”

In other news, Mr. Toussaint disclosed that Principal is evaluating the feasibility of partnering with cryptocurrency mining specialists in well-side mining projects that would be powered by exceptionally low-cost electricity generated onsite from the Company’s natural gas holdings.

“Traditional crypto mining companies pay for grid-delivered electricity to power their servers, the expense of which can comprise up to 75% of a mining company’s operating overhead,” said Mr. Toussaint. “By utilizing natural gas from the wells, we already own to generate the energy needed to power onsite mining operations, it may be possible to mine cryptocurrencies such as Bitcoin and Ethereum at a fraction of the typical cost.”

Additional details regarding the Company’s transaction IntelliMedia are expected to be announced when finalized.

About Principal Solar
Principal Solar is a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an acquirer and operator of undervalued petroleum-producing properties.

For further information, please visit the Company’s website at www.pswwenergy.com. 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 
The statements contained in this news release which are not historical facts may be "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe PSWW' hopes, plans, objectives, goals, intentions, or expectations are forward-looking statements. The forward-looking statements made herein are only made as of the date of this news release. Numerous factors, many of which are beyond PSWWs' control, will affect actual results. PSWW undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This news release should be read in conjunction with PSWWs' most recent financial reports and other filings posted with the OTC Markets and/or the U. S. Securities and Exchange Commission by PSWW.

Principal Solar Contact
K. Bryce “Rick” Toussaint, CPA, MBA
Chairman and Chief Executive Officer
kt@pswwenergy.com
214.885.0032

Investor Relations Contact
Michael Briola
invest@pswwenergy.com

FAQ

What is the latest news about Principal Solar (PSWW)?

Principal Solar announced the divestiture of its investment in IntelliMedia, converting it into a note to allocate capital for further projects.

How will the divestiture of IntelliMedia affect PSWW's stock?

The divestiture is expected to enhance stakeholder value and support strategic investments in logistics and heavy electric vehicles.

What new projects is Principal Solar (PSWW) pursuing?

PSWW is focusing on logistics asset acquisition and exploring low-cost cryptocurrency mining powered by natural gas.

What are the benefits of PSWW's partnership with IPLTech Electric?

The partnership aims to advance the development of heavy electric vehicles, which aligns with PSWW's sustainability goals.

How is Principal Solar planning to utilize its natural gas holdings?

The company is evaluating the feasibility of using natural gas to power onsite cryptocurrency mining operations.